204 Brandywine Dr

Candlewick Lake, IL 61065

$270,000B-

4 bd · 2.0 ba · 2,290 sqft · Built 1994 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,464/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$477
• HOA: −$144
• Vac / Maint / Mgmt: −$937
• Net cashflow: $1,489/mo
• Annual: $17,869/yr
• Cap rate: 12.91%
• Cash-on-cash: 23.64%
• DSCR: 2.05
• 1% rule: 1.65%
• Cash to close: $75,600

Investor read

• This is a 4-bed/2.0-bath single-family listed at $270k.
• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $270k).
• It's been on market 17 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (3.2% local appreciation)).
• Location reads 61/100 on livability (#891 in IL) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• North Boone CUSD 200 (rural): math 14% / reading 21% proficiency, ranked #440 of 620 in IL (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Manchester Elem School (math 27% / reading 22%, grade F, #850 of 2,056 statewide, top 45%, 143 students, 0% FRL); North Boone Middle School (math 15% / reading 24%, grade F, #425 of 665 statewide, top 65%, 242 students, 0% FRL); North Boone High School (math 12% / reading 22%, grade F, #430 of 693 statewide, top 66%, 517 students, 0% FRL) — zoned schools average 0% FRL vs 35% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 38 active listings in the ZIP; 56 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• Boone County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $165k; list at $270k implies a 64% gain — meaningful room to come down on a strong offer.
• At projected returns (3.2% appreciation + 3.0% rent growth), your $76k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.